Problem 8-8 (IAA) Dainty Company sold accounts receivable without recourse with face amount of P6,000,000. The factor charged 15% commission on all accounts receivable factored and withheld 10% of the accounts factored as protection against customer returns and other adjustments. The entity had previously established an allowance for doubtful accounts of P200,000 for these accounts. By year-end, the entity had collected the factor's holdback there being no customer returns and other adjustments. Required: Prepare journal entries to record the factoring and the subsequent collection of the factor's holdback.